I think one of the easiest things to have ever is an idea. At some point or the other we have all had “ideas” about something that we would like to pursue. Having a great idea is one ball game, having a plan to set that great idea in motion is another ball game entirely. “I have a great idea for a business. But I don’t have any money to start it up.” This phrase is something many people say time and time again. While it is true that with a team of investors, or an uncle with deep pockets starting a business might be easier , not having money shouldn’t be an excuse. If you are confident in the reality of that idea you have or in the product or service you want to sell, then don’t allow the lack of capital to deter you from your business goals. Moreover there is a saying that goes; don’t wait for the right moment to start a business because it will never come, just start whenever.
How To Kick-Start That Brewing Business Idea
By pivoting, grinding it out, getting creative, and differentiating yourself, you can fast-track your way to a successful business. The key to changing your future is to turn inspiration into motivation and motivation into action. Gone are the days where you need to build a brick and mortar company, travel the world for new markets and take out a mortgage to simply start the foundation for your future. Yes, all that stuff still exists but for the small entrepreneurs without access to a venture capital fund or a billion dollar line of credit, success can be had with a simple domain name and a good idea. Every year, a lot of people take a leap of faith to quit their nine to five jobs and start a business. While many aspire to be entrepreneurs, few really understand what it takes, or know how to start a business.
There are a lot of requirements that must be fulfilled, and steps that must be followed for you to successfully start and grow a business in Nigeria or anywhere else in the world. These steps will help you to plan, manage, and prepare your business for success;
Step 1: Have The Right Idea Your first and most important task is to have the right business idea. Take your time to determine what you really want to do, and if you would be able to put in the work needed to achieve it. Ensure that the business would be solving a problem people experience frequently, something necessary, and is something people are willing to pay for.
Step 2: Write A Business Plan The next thing would be to write a business plan. I have discovered that ideas become more real when it is in black and white. It is easier to relate with written words than with a thought in your head. Your business plan will help you determine what key problem your business is going to solve, how it adds value to your target customer, the business lifespan, how you intend to generate revenues in the short term & subsequently profits on the long term, how you intend to achieve market penetration & growth, how you will raise start-up capital, and a lot more.
Step 3: Capital Before you start out your business, you must have a clearly defined means of how to financially run your day to day operations, acquire merchandise, promote your brand, and a lot more. If you are running a service company, then you need little or no capital to start your business because your first service will get money for you. For those running a product/sale business, capital can be gotten from different sources. Many people are of the idea that getting a loan is the easy and fast way out but they also do not realise that starting a business on a loan foundation is bad for that business. There are various ways to raise start-up capital for your business ; ranging from angel investors (friends or family), to personal savings, to income/salary/pocket money and a lot more.
Step 4: Remove Negative Influences This could be anyone that is a bad influence to whatever idea you might be pursuing. Take note that there is a difference between criticism and negative comment, so if there is anyone constructively criticizing your business idea they surely have your best interest at heart. It could be your friends from school, your family, church members or even social media. Find a way to avoid conversation about your passion with whoever is in life that enjoys being miserable (or simply does not believe in your dream).
Step 5: Business Success usually means a Year or More Celebrities are the root of how we view overnight success – After all, if it just takes one song to become a celebrity how hard can success be? The truth is almost every musician who is an “overnight” success has spent years trying their hands on different things just to make more or even to blow. It is not all that glitters that is gold. Be patient, and rest assured, with the right idea and proper execution your road to success can be a lot quicker than the generation before. Every day you see success around you. It will take time, so it is important for patience to be one of your virtues. In due time, everything will take shape. Starting small doesn’t mean you’re thinking small.